Power electronic devices convert and control the electric power from the source to the load. They control the power in devices like diodes, thyristors, and transistors. The Power Electronics Market has applications in electric vehicles, renewable resources, since power electronics solutions can reduce power loss and improve switching speed. The usage of active electronics in the electric vehicles and the necessity for the power management devices have propelled the market. Renewable power sources are being adopted across the industrial and residential segments. This factor is also an asset for the industry.

Scope & Regional Forecast of the Power Electronics Market

Growing demand for energy efficient and battery powered devices has a positive impact on the growth of the Power Electronics Market. The need to improve the power infrastructure and the trend of harvesting energy are the main aspects which bolster the demand for industrial electrical components.

In 2014, the commercial sector which consists of offices, hospitals, and other organisations held 25% share in power switch electronics. This was attributed to the use of power electronics in autonomous devices used in commercial applications.

Asia Pacific is expected to have a huge share in power digital electronics till 2025. This is due to the opportunities present in consumer electronics and industrial applications. The operational advantages and the steps taken by governments of India, China, South Korea, and Singapore have drawn investors to construct manufacturing units in the region. This enhances the domestic manufacturing activities in the verticals of Asia Pacific which ultimately leads to the growth of the market.

Growing use of renewable sources of energy followed by the adoption of electric cars, telecommunications, hospitals, and healthcare elevate the demand for premier power electronics.

Segmentations & Key Players Involved in the Power Electronics Market

The Power Electronics Market can be broken down into various segments as follows:

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